The latest headlines in Toronto and Canadian real estate from November 25th to December 1st.
This week’s recap:
Will the National Housing Strategy impact Toronto’s real estate market?
Last week, the federal government announced the details of its new 10-year National Housing Strategy (NHS). The plan includes the building of 100,000 new affordable housing units, and the repair of 300,000 existing units. But what does it mean for Toronto’s real estate market?
According to RBC Senior Economist Robert Hogue, not much — at least for now.
Toronto’s getting a huge new public space on the waterfront.
This week, new details were released about what’s being called Bathurst Quay, a neighbourhood encompassing the huge Canada Malting silos, Ireland Park and Eireann Quay – which, right now, is pretty much just being used as a cab stand for Billy Bishop Airport.
City Council approved the creation of a $1,141,455.48 capital project fund this month for “the purpose of funding near-term streetscape and public realm improvements” in the area, with construction set to begin this summer.
The boom in condos and stacked townhomes pushed sales of new construction homes in the Toronto region up 18 per cent year over in year in October — accounting for 91 per cent of the overall 5,377 purchases.
The remaining 9 per cent of sales were low-rise, single-family homes, including detached, semi-detached and town houses.
Is condo construction a curse or cause for high-fives?
“I think some of the negative language you chose to use around condos and new housing stepped into negative editorial in a whole bunch of places,” said Richardson, adding he is a citizen-volunteer on the Toronto Planning Review Panel.
He said he’s not a developer or a real estate agent, and lives in a semi-detached house. His “skin in the game is keeping Toronto neighbourhoods affordable, so that my kids (and eventual) grandkids have similar opportunities to those that I had when I first arrived in Toronto 25 years ago.”
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Header image via City of Toronto.